The global market research industry was worth $44.3 billion in 2015! The biggest spenders are consumer goods segment giants like P&G and Unilever, who pour in millions of dollars into consumer research every year. So, if your company has been shying away from investing in market research because it sounds like an unnecessary investment, think again. Here are 5 ways how market research can help your company grow.
It helps you make informed decisions
When you are investing in a new product or service, it’s never a good idea to take a chance. Market research lets you understand what your customers want, how they want it and when they want it. When you conduct market research, you give your customers the power to choose – you democratize the decision making so to speak. This not only makes your job easier but cuts down the risk factor significantly and improves the chance of success.
It helps you keep track of changing market trends
If you think conducting market research is only required before launching a new product, you would be wrong. It is just as necessary to keep your existing offerings fresh and relevant. The needs and tastes of your customers change constantly, influenced by a myriad of external factors that you cannot predict. That’s why keeping pace with changing trends is key to staying ahead of your competition. And the best way to achieve this by relying on market research.
It helps with expanding your business
Stagnation is death! Change is necessary not just for growth, but to stay alive. And one of the best ways to grow your business is through expansion and diversification. And these are not possible without first studying and understanding the market thoroughly. Market research lets you take the right decisions, making your growth plans more meaningful and effective.
It can help you improve your brand’s standing
Do you know where your brand stands today against your competitors? How do your existing and potential customers perceive you? Knowing the answers to these questions is critical for your business as it can enable you to take the necessary actions to improve your brand’s standing in the market. It can help you change what your customer’s think of your brand. You wouldn’t want your alcohol beverage business to be recognized primarily as a bottled water company, would you?
It can boost your marketing efforts
Most often, it takes time for you to realize whether or not your brand and product marketing efforts have delivered. But why wait and take that chance, which could otherwise prove to be an expensive mistake. By conducting a market study, you can understand, almost immediately, whether or not your marketing campaigns are having the desired results. This way you’ll know when, where and how to spend your marketing budget to maximize the results.
Clearly, market research cannot be considered a non-necessity. Instead, it’s an indispensable tool that’s required to help your business succeed. If you wish to learn how market research can benefit your business more specifically, Borderless Access can help you. With over 3.71 million proprietary panel respondents spread across 34 countries and clever digital market research products and solutions, we can help your business realize your untapped potential. Visit our website to find out more.